Hong Kong stocks close 1.16% higher

HONG KONG -- Hong Kong stocks rose 1.16 percent on Wednesday. The benchmark Hang Seng index closed up 239. 98 points to end at 20,841.91 points, after trading between 20,609. 52 and 20,895.61. Turnover totaled HK$63.67 billion(about $8.21 billion).

The Hang Seng China Enterprises Index rose 165.17 points, or 1. 71 percent, to close at 9,849.06.

Four sub-indices all gained ground, with the Finance sub-index rising the most by 1.46 percent, followed by the Utility 1.34 percent, the Commerce and Industry 1.05 percent and Properties 0.25 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, rose 1.3 percent to HK$73.85, while its local unit Hang Seng Bank ended 0.7 percent higher at HK$117.10. Bank of East Asia, another Hong Kong's major bank, closed up 0.2 percent to HK$29.35. Local bourse operator HKEX jumped 3.6 percent to HK$121.70.

As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, advanced 2.5 percent at HK$5.30. ICBC, the world's largest bank by market value, increased 2.5 percent at HK$4.55. Bank of China was up 1.7 percent to HK$2.97. Bank of Communications, China's fifth biggest lender measured by assets, gained 2.1 percent at HK$5.29.

Local developers Hang Lung Properties added 0.2 percent to HK$27. 75. Henderson Land, another major developer in Hong Kong, climbed 1.7 percent to HK$54.65, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, was up 0.6 percent to HK$114.90.

As for energy stocks, China's top refiner Sinopec ended up 0.7 percent to HK$7.18. PetroChina, the country's largest oil and gas producer, moved up 2.7 percent to HK$10.22.